Using nuclear fusion technology and the Cosmos ecosystem, Elys Network is a blockchain platform that promotes a decentralized suite of financial applications.
Since the project is still in its very early phases, the testnet has not even been released. A token airdrop will occur since the Elys Network incentive testnet, also called the Elys Network Odyssey, is now LIVE!
Here is our guide to the Elys Network ($ELYS, $EDEN) token airdrop!
Table of Contents
Read More: Tea Protocol ($TEA) Token Airdrop Guide
What is Elys Network Token Airdrop?
Nuclear fusion and the Cosmos network promote the wide range of decentralized finance solutions made possible by the distributed ledger technology known as Elys Network.
These are a few of Elys Network’s main features.
NextGen oracle-based Decentralized Perpetual Trading and Leverage Lending platform:
Oracles are used by Elys Network users to provide dependable data feeds for market prices and other criteria, enabling users to trade and lend a variety of assets with leverage.
ETF style multi-asset Index Pools:
Similar to exchange-traded funds (ETFs), which are intended to track the performance of a particular index or sector, Elys Network provides a feature that allows users to create and invest in diversified portfolios of assets.
Highly Scalable, Interoperable and Secure with premier UX, high TPS and low Transaction Fees:
With cheap costs for consumers, Elys Network promises to create a safe, high-performance blockchain network that can process many transactions per second (TPS) and interconnect with other blockchains.
Built in the Cosmos ecosystem:
As a component of the Cosmos network, Elys Network utilizes the standard protocol known as Inter-Blockchain Communication (IBC) to facilitate communication between its member blockchains, which is a decentralized network.
What are the Elys Network Token Airdrop?
The ecosystem of Elys Network will have four tokens: ELYS, ELYS-LP, EDEN, and EDEN-Boost. The following are a few characteristics of the Elys Network tokens:
Based on the data on this page, the following is an overview of the tokens and their purposes:
ELYS:
The ELYS Network’s staking and governance token. Users who deploy it are rewarded with both inflationary and non-inflationary benefits, and its supply is limited. Deflation conditions could develop over time as the ecosystem expands and consumes ELYS.
ELYS-LP:
The tokens used by the liquidity provider, which may be Molecule or Pool tokens. Molecule Tokens are linked to a multi-asset index within a sector, whereas Pool Tokens are assigned to a particular AMM pool. With both kinds of tokens, users can reward themselves and create liquidity.
EDEN:
Both liquidity suppliers and stakers gain the vesting token known as a “inflationary reward.” To receive additional benefits and take part in governance, EDEN can be “committed.”
EDEN-Boost:
When EDEN is “committed” or ELYS is “staked,” a multiplier token is earned. Its goal is to boost the rewards for regular users and to reward them more.
What is the Elys Network Odyssey Incentivized Testnet?
Currently operational is the public testnet by Elys Network called the Elys Network Odyssey incentivized testnet. It is divided into nine sections. Phase 4 will begin on the week of March 31, 2024; we are presently in phase 3.
The goal of this incentive-driven testnet is to get users to perform several jobs on the Elys Network platform, like trading tokens, staking, and assigning duties to validators. As they finish tasks in each phase, participants will have the chance to receive testnet tokens and possibly even NFT rewards.
You can combine NFTs to create a gold NFT once you’ve gathered at least five of them. This could be important for an upcoming airdrop in the Elys Network Odyssey.
How to Receive the Token Airdrop from Elys Network
Time needed: 1 day
This is how to receive the airdrop of Elys Network tokens.
Sign up at Elys Network
To join the waitlist, go to Site and fill out the survey.
Complete Zealy Questboard tasks
Navigate to the Zealy Questboard on Elys Network at Site. Social tasks like joining and obtaining responsibilities on their discord are among the tasks.
The Following are the Answers to the Zealy Quizzes on Elys Network:
A (Yes), B (proof of stake), A (validators), B (Voting), C (none of the above), C (Osmosis), A (Neutron), C (Stride), B (Stargaze), C (Akash), B (Mars), C (Elys Network), A (Yes), A (Inter-Blockchain Communication), B (February 18, 2021), B (Bridge assets), A (Using a smart-contract), A (Using a smart-contract), A (Yes), A (ELYS), B (EDEN), C (Reward and vesting token), B (No), B (A basket of assets), A (65% of non-inflationary revenue from the assets in the specific Molecule, paid in USDC + EDEN), A (Perpdex), A (LP leveraging), A (Yes), A (Yes).
Please provide some personal details and the reasons for your desire to join the Cadet program. Then, briefly describe each of the following: (1) What type of project Elys Network is? (Blockchain? Application? Both?); (2) What is the native token and its role?; (3) What is the purpose of IBC?
Claim Tokens by Signing up at Elys Network Testnet
Visit Site to register for the Elys Network testnet using your wallet or email address. To claim one testnet $ELYS and two testnet $USDC tokens, click “Deposit” and then “Claim testnet tokens.” This claim may be made once per 24 hours.
Swap $ELYS for $USDC or $ATOM
Select the “Swap” option and replace $ELYS with either $USDC or $ATOM. Remember to save aside some $ELYS for gas fees. Keep in mind that you can contact the team through their Discord channel if it still doesn’t work even after a few hours. To keep up your streak, complete one of these transactions each day.
Stake $ELYS on ELYS Staking
Click “Simple staking” under the “Earn” tab. Click “Manage” to select the ELYS Staking option. Select the validator to whom you wish to assign your $ELYS tokens. Because, as far as we can tell, the High Stakes validator offers extra returns for any Cosmos IBC tokens you delegate to them as part of their reward scheme, that’s why we chose them. Please be aware that processing the transaction could take up to 30 minutes. You can earn $EDEN and EDEN BOOST rewards by staking $ELYS on ELYS Staking.
Stake USDC on USDC Earn
Click “Manage” next to the USDC Earn pool on the staking page. Click “Stake USDC” after deciding how much USDC to stake. For this, you will receive rewards in $EDEN.
Stake $EDEN on Commitment
Under the Commitment staking pool on the staking page, select “Manage.” For even greater rewards, stake your $EDEN and multiply with EDEN BOOST.
Check your progress on Elys Bonus block
To check the status of your task, connect your wallet to link and monitor your progress. Keep in mind that some tasks could take some time to process, so the checkmark might not appear right away.
Elys Network Airdrop Review
There are a few things to take into account while analyzing an airdrop. The first is the possibility that the project will never actually conduct an airdrop.
Next, consider the project’s planned token distribution to airdrop campaigns and the challenges related to airdropping tokens. In order to ensure that there is an appropriate reason and purpose for taking part in the airdrop in the first place, it is also important to consider the token’s utility. Lastly, if there is a lockup term on the airdropped tokens, it is something to take into account while reviewing the airdrop.
Likelihood of Airdrop:
It has been verified by Elys Network that they will have an incentive testnet.
Airdropped token Allocation:
The distribution for the Elys Network airdrop is not known.
Airdrop Difficulty:
You only need to join the waitlist as the Elys Network incentive testnet hasn’t even been released yet. On the other hand, you have to finish Zealy tasks and wait an hour to retake quizzes if you don’t get the answer right. Because of this, Elys Network is among the trickiest and most time-consuming airdrop operations we have completed.
Token Utility:
The utility of the $ELYS and $EDEN tokens is unclear.
Token Lockup:
Regarding the $ELYS and $EDEN token lockup, nothing is known at this time.